Ann: Boardroom Radio Broadcast - Mr Paul Burton, page-20

Hank, how long have they been working with SMS and KfW to finally get to the point where the 2015 DFS is not feasible to finance?
4 years. That's how long.
Tough financial climate? Yeah, it is. Wasn't so bad a year or so ago when Vanadium price was peaking and finance was imminent.

It's good news. It's great news. It's just not news.

From 2016 annual report:

So when PB says the consultation went extremely well, all I hear is extremely late.
SMS had bought into the company not long before this annual report, and to my knowledge they haven't bought since. If we were so much closer I think we'd see them topping up, we know PB loves a discount insto placement...
If I were a less emotional investor I'd sell and buy after financing. I'm holding because I couldn't bare to see it fly the week I leave, which I still consider a real possibility. Sliiiightly more possible than it was in August 2016.